A recent survey has found that Toronto ranks fourth in the world as a leading FintTech center, as cryptocoinnews.com wrote.

The survey named “Trends and Innovations in Financial Services” was conducted by Mark Yeandle with the help of Toronto Financial Services Alliance (TFSA) and Z/Yen, a UK-based think tank.

The study consisted of two online questionnaires, desk research and a number of informational interviews with experts in different areas of financial services innovation.

“The availability of skilled staff, the regulatory environment and access to finance were the three most important factors although many factors go together to form a favourable ecosystem for FinTech.”, stated the report.

The research has also noted that cybersecurity is perceived as the only most significant area overall. Big data analytics and mutual distributed ledgers rank second, as written in the report, page 19.

In a press release available at tfsa.ca, TFSA President and CEO Janet Ecker has said: “Toronto is the second largest financial centre in North America, and Ontario has the second largest concentration of technology companies. This unique ecosystem has created a perfect environment for a promising international fintech hub to emerge”.

Canada has previously shown progress in relation to FinTech funding. PitchBook reported that funding in the sector in Canada reached $ 137.7 million last year as compared to $ 21.8 million five years ago and $ 7.3 million in 2000, according to cryptocoinnews.com.

As cryptocoinnews.com wrote, Canada is demonstrating that it`s nation can provide an ideal environment for FinTech companies to establish themselves.